Tower Semi invests in Silicon Valley flash technology developer
Semiconductor Business News
(11/14/00, 01:11:37 PM EDT)
SANTA CLARA, Calif. -- Flash memory technology startup Azalea Microelectronics Corp. here today announced an investment from Israeli foundry supplier Tower Semiconductor Ltd., which will receive a 10% equity stake in the Silicon Valley company. Financial terms of the investment were not disclosed.
In a separate agreement, Azalea will design flash memory modules for Tower, using the Israeli company's microFlash process technology. These modules are expected to enhance the performance of products fabricated by Tower Migdal Haemek, Israel.
"Azalea plans to apply the funds received [from Tower] for expanding the company's capabilities, develop Azalea's flash memory technology and product, and become a leading supplier of application-specific flash memories," said Ali Pourkeramati, founder, president and CEO of the Santa Clara company.
Yoav Nissan-Cohen, the co-CEO of Tower, said the foundry company decided to invest in Azalea to increase its access to flash intellectual property and continue its emphasis on the nonvolatile memory processes for foundry applications.
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